https://www.taxtmi.com/caselaws?id=377238 The tribunal ruled in favor of the assessee, finding that the cash receipts were advances for the sale of flats and not loans or deposits under Section 269SS of the Income Tax Act. The penalty imposed under Section 271D was deleted, as the tribunal determined that the advances and cash receipts from promoters for business expenses were not covered under the relevant provisions prior to the amendment introduced by the Finance Act, 2015. en-us Thu, 21 Mar 2019 00:00:00 +0530 Mon, 25 Mar 2019 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377238 The tribunal ruled in favor of the assessee, finding that the cash receipts were advances for the sale of flats and not loans or deposits under Section 269SS of the Income Tax Act. The penalty imposed under Section 271D was deleted, as the tribunal determined that the advances and cash receipts from promoters for business expenses were not covered under the relevant provisions prior to the amendment introduced by the Finance Act, 2015. Case-Laws Income Tax Thu, 21 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377238